15th March 2018
Data source: S&P Global Market Intelligence
Millennial Lithium Corp. raised approximately C$24.2 million from a bought-deal offering, including the exercise of the overallotment option, it said March 13.
The company issued 6.9 million units at C$3.50 apiece.
Concurrently, the company closed its private placement of 2,206,671 units at C$3.50 apiece for about C$7.7 million in proceeds.
Each unit, under both financings, consists of 1 share and half of a share purchase warrant, while each whole warrant is exercisable to acquire an additional share at C$4.25 for 24 months.
Major Millennial Lithium shareholder Million Surge Holdings Ltd. and its affiliates took part in the private placement. The entities now collectively own about 17% of the company’s issued share capital.
The proceeds are earmarked for exploration and development activities at the company’s lithium properties in Argentina and for general working capital.
